News: US-Iran Nuclear Crisis Escalates to Military Strikes — From Geneva Talks to Operation Epic Fury in Seven Days
What began as a high-stakes diplomatic standoff over Iran's nuclear programme has escalated into the most significant US military action in the Middle East since Operation Midnight Hammer last June. On February 28, the United States and Israel launched coordinated strikes on Iranian military and nuclear infrastructure under the banner of "Operation Epic Fury," shattering the fragile diplomatic window that had opened during three rounds of Geneva talks. The trajectory from diplomacy to war unfolded with alarming speed. On February 21, President Trump publicly acknowledged considering limited military strikes while Iran's Foreign Minister Araghchi prepared a counterproposal. By February 26, a third round of nuclear talks had opened in Geneva amid the largest US military buildup in the region since June 2025. Two days later, F-22 stealth fighters and cruise missiles struck Iranian nuclear facilities as Tehran retaliated with attacks on US bases in Bahrain and across the region. The escalation has sent shockwaves through financial markets. WTI crude oil has surged above $66 per barrel, defense stocks have rallied to near-record highs, and 10-year Treasury yields have fallen to 4.02% as investors seek safe-haven assets. Gold prices have broken above $5,200 per ounce. The full economic and geopolitical consequences of Operation Epic Fury are still unfolding, but the shift from diplomatic brinkmanship to open conflict marks a defining moment for markets, energy security, and the global order.